German Savers Lose Faith in Banks, Stash Cash at Home

Low interest rates and the prospect of fees on bank deposits are helping drive a boom in home-safe sales

Ulrike Dauer

HAMBURG—German savers are leaving the security of savings banks for what many now consider an even safer place to park their cash: home safes.

For years, Germans kept socking money away in savings accounts despite plunging interest rates. Savers deemed the accounts secure, and they still offered easy cash access. But recently, many have lost faith.